Australian News

Still The Right Time For Buying A House!

Release date:2015-07-31

By the Official statistics of REIV (Real Estate Institute of Victoria), the Victoria's real estate market last week ( 20 July 2015 ~ 26 July 2015) has a total of 687 sets of real estate auction sales, totaling dollars is AUD $417 million with clearance rate of 79% ( 75% a week before and 70% a year earlier).

This week, the annual asset growth rate in a number of Melbourne suburbs have reached 20%. Where Mount Waverley is 28%, Doncaster is 28%, Burwood was 27% and Balwyn North is 23%.

Although Melbourne and Sydney house prices have continued to grow, it has not diminished the enthusiasm of buyers. A new survey released on Friday showed that 60 percent of people believe that the next quarter is still a good time to buy real estate. Meanwhile, real estate data expert pointed out that the market is having more and more real estate projects under construction, which means the buyer will have a great diversity to choose from.

In the survey, 93% of people believe that prices will continue to grow. Of which 48% think prices will continue to grow significantly in the next six months, while 45% of people think that growth will be delayed until next year.

In addition, buyers also show their interest in Tasmania, South Australia and Queensland. The price in these areas is relatively low then Melbourne and Sydney. It is more affordable for public with greater expectation of adding value in the long term.

Experts have recommend when buying a property, location will be the most vital one to consider. Once the area has been targeted, be sure that the market research has be done enough to find out the most ideal one.

House

In this week, there were 461 house auction on the market, 84% of clearance rate, medium value was AUD$770,000 with a total value of nearly 325 million Australian dollars.

The top 5 traded house prices and areas are as follows:

1) Ferdinand Avenue, Balwyn North, sold for $3.6M

2) Patterson Street, Ringwood East, sold for $3M

3) Mountain View Road, Balwyn North, sold for $2.93M

4) Mitchell Street, Northcote, sold for $2.82M

5) Agnes Avenue, Balwyn North, sold for $2.4M

Apartment

In this week, there were 241 apartment auctions on the market, 69% of clearance rate, medium value was AUD$586,000 with a total value of nearly AUD$87.3M.

The top 5 traded apartment prices and areas are as follows:

1) Marne Street, South Yarra, sold for AUD$1.74M

2) Wattle Road, Hawthorn, sold for AUD$1.42M

3) Gallaghers Road, Glen Waverley, sold for AUD$1.2M

4) Ramsden Street, Clifton Hill, sold for AUD$1.19M

5) Lesden Street, Bentleigh East region sold for AUD$1.16M

Land

In this week, there were 9 land auctions on the market, 67% of clearance rate, medium value was AUD$660,000 with a total value of nearly AUD$3.75M.

Additionally, in the past week, there were 407 sets of properties were sold by private (non-auction sales), with the total value of AUD$226M.